Wedbush Fund Advisers has launched a new artificial intelligence (AI) exchange-traded fund (ETF) that bears the name of Wall Street’s most notorious technology bull.
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Forget margin or options. Here's how the pros trade GEVWedbush said in a statement that it has launched the Dan IVES Wedbush AI Power & Infrastructure ETF, which trades under the ticker symbol “IVEP.” Dan Ives is, of course, Wedbush’s global head of technology research and a prominent figure on Wall Street due to his frequent media appearances and flashy outfits.
Ives is also a notorious bull and seems to constantly call for higher prices for technology stocks, no matter what their current valuations . This is actually the second ETF from Wedbush Fund Advisers that uses Ives name and seeks to capitalize on his notoriety, particularly with individual retail investors.
The New AI Fund
The new AI ETF’s purpose is to give investors exposure to companies that are involved in building out the infrastructure needed to power AI. Its top holding is the stock of energy firm GE Vernova (GEV). Other holdings include Eaton (ETN) and Vertiv Holdings (VRT).
In all, the new ETF holds a total of 30 stocks. It was created using research produced by Ives and Wedbush managing director Seth Basham. As a sell-side analyst, Ives doesn’t cover most of the stocks in the new ETF. Still, attaching an analyst’s name to a fund is unusual for Wall Street.
Is GEV Stock a Buy?
GE Vernova’s stock has a consensus Strong Buy rating among 22 analysts. That rating is based on 20 Buy and two Hold recommendations issued in the last three months. The average GEV price target of $897 implies 4% downside from current levels.
